According to the latest reports, Gavin Wood has made a proposal in regards to the first auction of the Kusama Parachain. Gavin Wood is reportedly the creator of Kusama and Polkadot who is one of the members responsible for the first Kusama Parachain Auction.
The reports suggest that Gavin Wood has already published a proposed schedule for the upcoming first auction for Kusama Parachain. The sources have revealed that the schedule is still under consideration so there is no confirmation of what is going to happen.
The Kusama Parachain auction is much anticipated by the enthusiasts of the platform. Finally, the enthusiasts would be able to get their hands on the Kusama Parachain slots through auction.
Gavin Wood has reportedly posted the schedule for the highly anticipated auction through a blog post on Tuesday, June 8, 2021. According to the blog post, the first auction for Kusama Parachain is set to take place starting Tuesday, June 15, 2021.
The blog post also confirms that the auction would commence starting at 12:00 pm Central European Summer Time. The schedule is still pending approval from other KSM stakeholders as well as the Kusama Council.
Once the schedule is approved, the auction for the Kusama Parachain would start taking bids at the prescribed time. According to Gavin Wood’s schedule, the auction for Kusama Parachain would conclude by Thursday, June 17, 2021. On the other hand, the bidding process for Kusama Parachain would continue to take place until Tuesday, June 22, 2021.
Now the schedule is pending approval from the Kusama Council and if the approval is provided, then the auction would commence. After the initiation of the auction, the first-ever winner of the parachain slot would be finalized on June Tuesday, June 22, by 11:00 am.
Later on, more auctions would continue taking place for the subsequent slots for Kusama Parachain. According to the schedule, each auction for the Kusama Parachain would take place with a week’s interval.
Gavin Wood’s schedule also suggests that there must be a pause for the auctions after the first five consecutive ones. During this pause, the performance of the network will be evaluated. Once the network performance is fully evaluated, then another batch of auctions for the Kusama Parachain would take place.
Similar to the initial batch, there will be five auctions taking place for the Parachain slots as per the schedule. The schedule would continue taking place until it fully ends and then the performance of the network will be evaluated.
Gavin Woods has come up with the tentative schedule after Kusama revealed that it was ready to host the Kusama Parachain slot auction. Kusama Parachain had reportedly revealed its intentions of hosting the auction back in May of 2021.